Nvidia rival Graphcore in need of funding as losses mount

Artificial intelligence chipmaker Graphcore said it needed to raise cash due to widening losses, according to a filing, as Nvidia’s dominance in AI chips has chilled funding for startups looking to compete directly.

Graphcore produces AI chips called intelligence processor units (IPUs) that aim to take on Nvidia. It reported pre-tax losses widened 11% to $204.6 million, according to a filing of its 2022 financial statements filed Wednesday. Revenue declined 46% to $2.7 million.